Retail in Asia

In Sectors

Piaget remains upbeat on China

Executives at Cie. Financière Richemont SA’s Piaget watch and jewellery brand remain upbeat on China’s luxury sector, despite recent blunted demand amid a crackdown on gift-giving in the country.

Piaget’s watch sales from China are still strong and are likely to be robust in the long term, though there has been increased pressure in the short term, said Philippe Leopold-Metzger, Piaget’s global chief executive, on the sidelines of a luxury conference in Shanghai. He declined to disclose financial details of the Geneva-based company.

"We talk a lot about slowdown and many people say that stores in China are empty, but if you look at stores all over the world, they are full of Chinese who are buying," said Leopold-Metzger. Companies looking at profit and sales alone coming from within China don’t have a good understanding of the buying patterns, he said.

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(Source: The Wall Street Journal Online)